Is Rivian Automotive (RIVN) A Great Invesment?

Third Point Management, an investment management firm, published its fourth-quarter 2021 investor letter – a copy of which can be downloaded here. A portfolio return of -5.3% was delivered by the flagship Offshore Fund for the final quarter of 2021, bringing its year-to-date returns to 22.7%. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Third Point Management, in its Q4 2021 investor letter, mentioned Rivian Automotive, Inc. (NYSE: RIVN) and discussed its stance on the firm. Rivian Automotive, Inc. is an Irvine, California-based electric vehicle automaker and automotive technology company with a $58.6 billion market capitalization. RIVN delivered a -48.39% return since the beginning of the year, while its 12-month returns are down by -35.99%. The stock closed at $66.37 per share on February 19, 2022.

Here is what Third Point Management has to say about Rivian Automotive, Inc. in its Q4 2021 investor letter:

“The top five winners for the quarter (includes) Rivian Automotive, Inc. Offsetting these losses were significant gains in Rivian, a company we invested in as a private later stage growth company that went public in November. After a sharp increase in value following its IPO, we reduced our position and have since bought back shares as they dropped below the IPO price of $78, still well above our cost.”

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Our calculations show that Rivian Automotive, Inc. (NYSE: RIVN) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. RIVN was in 47 hedge fund portfolios at the end of the third quarter of 2021, compared to 0 funds in the previous quarter. Rivian Automotive, Inc. (NYSE: RIVN) delivered a 2.88% return in the past 3 months.

In February 2022, we also shared another hedge fund’s views on RIVN in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.